Step 3: Gnosis Auction

The most fair way to find the initial settlement price.

The 'Auction & Liquidity' Pool will be used to provide xATS tokens for the Gnosis Auction system (currently developed and specified, see Github). The Gnosis Auction is a way to find a fair price for a token, because everyone can provide a bid at any time and define the price freely (above a minimum price). If there are more bids than the provided token supply, the highest bids will get the tokens and will only pay the lowest full settlement price (= Final Price).

The details for the auction are not yet fully defined and will be released soon. In order to give you a sense of what parameters we will have:

Parameter

Value

Duration

1 week, starting on May 4, 2021 till May 11, 2021

xATS are sold for

xDAI

Withdrawal Period

TBD, time before bids are locked

Min. xATS price

TBD, minimum bidding price

Min. xDAI Funding

TBD, minimum auctioning amount

Auctioned xATS Tokens

TBD, total amount of available tokens

Min. xATS bid package

TBD, smallest token package to bid on

gATS Token Distribution

Additional rewarding of early and general participation